Which wallet can i use for my needs - page 3.

Marvelman

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Quote from: Luffygroove on January 15, 2024, 06:41:05 AM

I think there are two popular types of wallets for cryptocurrencies. First, we have hardware wallets like Ledger and Trezor, these are physical devices keeping your crypto offline for added security. Then, there are software wallets, which can be accessed online. Now, in the software category, you've got custodial wallets (managed by third parties like exchanges) and non-custodial wallets (where you control your private keys). Examples include MyEtherWallet, Trust Wallet, and SafePal. For extra safety, hardware wallets are top-notch, but if you prefer online, non-custodial ones are great – just manage those private keys carefully. Always stay vigilant online and protect your assets from phishing and other internet risks. Safety first!

I believe you are confusing some concepts here. There's more than just two kinds of crypto wallets out there. For starters, you've got paper wallets and other types of physical wallets too.

Hardware wallets are definitely among the most secure. They keep your private keys offline so your coins don't get hacked or hit with malware. But most hardware wallets still need some kind of software to work, whether on your computer or smartphone. Like you can use a hardware device with the Electrum wallet for example - thats a a non-custodial software wallet by itself. And get this - not every software wallet needs an internet connection either. You can download Electrum onto an offline device to sign transactions without ever going online. Much more secure. I also think it's confusing when exchanges get lumped into the wallet category. Thats not their primary purpose.

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I think there are two popular types of wallets for cryptocurrencies. First, we have hardware wallets like Ledger and Trezor, these are physical devices keeping your crypto offline for added security. Then, there are software wallets, which can be accessed online. Now, in the software category, you've got custodial wallets (managed by third parties like exchanges) and non-custodial wallets (where you control your private keys). Examples include MyEtherWallet, Trust Wallet, and SafePal. For extra safety, hardware wallets are top-notch, but if you prefer online, non-custodial ones are great – just manage those private keys carefully. Always stay vigilant online and protect your assets from phishing and other internet risks. Safety first!

LDL

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Quote from: Yorubek on January 08, 2024, 09:22:25 AM

As a newbie which wallet i can use and will that wallet support bitcoin and other altcoins? I know some wallet names like Coinbase Wallet, Trust Wallet, MyEtherWallet but as a newbie which wallet can I use to keep my assets safe. I have heard a lot of people using trust wallets. How trust wallet is reliable for holding bitcoins and other altcoins? How likely is it to be hacked?

Since you are a newbie, choosing a wallet is an important thing for you but you can definitely choose a popular wallet for your cryptocurrency storage. But you can choose Electrum wallet, Blue wallet as Bitcoin wallet for single Bitcoin storage. These wallets are very secure and popular as a newbie you can choose any of the above two wallets. For each wallet you must collect Seedphase properly to ensure the security of your wallet.
But you can select any one of your choice from Trust wallet, Mycelium wallet, Coinbase wallet, myetherwallet, Exodus wallet, Blockchain.com wallet as multi currency wallet because each wallet is very convenient to use and as a newbie you can use it well. Every wallet's security system requires you to store your ricks.

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Quote from: Yorubek on January 08, 2024, 09:22:25 AM

As a newbie which wallet i can use and will that wallet support bitcoin and other altcoins? I know some wallet names like Coinbase Wallet, Trust Wallet, MyEtherWallet but as a newbie which wallet can I use to keep my assets safe. I have heard a lot of people using trust wallets. How trust wallet is reliable for holding bitcoins and other altcoins? How likely is it to be hacked?

If you want to store your bitcoin I want advice you to store Bitcoin in exchange wallet, you can use a wallet like a non custodial wallet which is the best for storing Bitcoin. Don't risk your bitcoin by leaving it in exchange you can do that with altcoins because most of altcoins can only be gotten from exchange. Bitcoin is too valuable to in exchange because anything can happen to exchange that you can lose your money like we have seen sometime ago.

dderekwalcott

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Choosing the right wallet is your choice but the technical comfort depends on the security you want.It is often recommended for beginners to start with a user-friendly wallet, perhaps on a reputable exchange, and gradually explore more secure options as they become more familiar with the technology.We know to always prioritize security and to backup private keys or seed phrases securely.But even if you are aware, sometimes you have to face loss through hacking.I use trust wallet but recently I found out there are 84.02 million crypto currency wallets in use in the world and they are providing different types of security.I hope the senior members of the forum will discuss in detail about the complexities of wallets. for e.g. how segwit wallet work and the difference among other wallet like Trust wallet, Bitcoin wallet,Coinbase wallet etc.

leonair

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Quote from: Yorubek on January 08, 2024, 09:22:25 AM

As a newbie which wallet i can use and will that wallet support bitcoin and other altcoins? I know some wallet names like Coinbase Wallet, Trust Wallet, MyEtherWallet but as a newbie which wallet can I use to keep my assets safe. I have heard a lot of people using trust wallets. How trust wallet is reliable for holding bitcoins and other altcoins? How likely is it to be hacked?

Trust Wallet is a Non Custodial wallet but is it not much safer. if you want your best security for your asset specially for bitcoin then. you can use electrum wallet. which is very secure. But if you want to deposit a small amount of assets and know how to receive different types of tokens there, you can use Trust Wallet. Because you can support all types of blockchain tokens in Trust Wallet. It is token friendly.

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Quote from: Yorubek on January 08, 2024, 09:22:25 AM

As a newbie which wallet i can use and will that wallet support bitcoin and other altcoins? I know some wallet names like Coinbase Wallet, Trust Wallet, MyEtherWallet but as a newbie which wallet can I use to keep my assets safe. I have heard a lot of people using trust wallets. How trust wallet is reliable for holding bitcoins and other altcoins? How likely is it to be hacked?

Those are hot wallets, among the list for storing Bitcoin ideally, i/we prefer the use of electrum, and for the altcoins, people use trust wallet, exodus, etc. If you want to track your portfolio gains ideally have a separate for Bitcoin and altcoins so you can identify if you are gaining or burning your money, regarding with the concern with the hacking like the other's suggestion to use a hard wallet could be a trezor or ledger, it's up to you if what's available in your country or convenient to have it. Im use Trezor and they support different coins too that are visible on their website.

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Quote from: Yorubek on January 08, 2024, 09:22:25 AM

As a newbie which wallet i can use and will that wallet support bitcoin and other altcoins? I know some wallet names like Coinbase Wallet, Trust Wallet, MyEtherWallet but as a newbie which wallet can I use to keep my assets safe. I have heard a lot of people using trust wallets. How trust wallet is reliable for holding bitcoins and other altcoins? How likely is it to be hacked?

All the wallets you mentioned are quite safe, and many people use them. Regarding how likely it is to hack a wallet, it all depends on the user. In many cases we see, most of them are cases of user error connecting their wallets to web scammers. So whether it will be a safe wallet or not also depends on how you use your wallet.
If you want to store long-term assets, it is better to use a hardware wallet. it's better and safer. but if you have the choice of a mobile wallet as you mentioned before, just choose everything safely depending on your ability to maintain and use your wallet.
My advice, create 2 or 3 wallets. and use 1 as your main wallet. and never use your main wallet to connect to anything including exchanges. use another wallet to move your assets or make transactions or if you want to connect the wallet to a website on another device.

Marykeller

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For my part, I use electrum for my bitcoin and trust wallet for my altcoin holdings. They have worked well for me for years.

OP, where you store your stored seed phrases and how secure they are are the most important factors in all of this wallet that have been mentioned to you. For myself, I'm most protective of my seed phrase in the sense that I can get my electrum and trust wallets unstalled at any time I feel like because of security reasons or I don't feel like viewing my altcoin and bitcoin price again until when I am ready to trade them during the bull run season.

Fuso.hp

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If you want to choose a wallet specifically for holding bitcoins and if you are not in favor of using a hardware wallet, I suggest you to use Mycelium wallet or Electrum wallet. The two wallets I mentioned are especially safe for storing Bitcoins. We try to choose good quality wallets so that our money is safe in those wallets and we don't worry unnecessarily that our money might be lost from there. The two wallets that I have mentioned have several steps of security, so it is very difficult to hack this wallet, if no one else knows the personal information of your wallet, then I believe that your wallet will never be hacked. So if you want you can use any one of these two wallets hope your money will be safe.

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Quote from: Yorubek on January 08, 2024, 09:22:25 AM

As a newbie which wallet i can use and will that wallet support bitcoin and other altcoins? I know some wallet names like Coinbase Wallet, Trust Wallet, MyEtherWallet but as a newbie which wallet can I use to keep my assets safe. I have heard a lot of people using trust wallets. How trust wallet is reliable for holding bitcoins and other altcoins? How likely is it to be hacked?

The choice of wallet will depend on your preference for altcoins. But more often than not, you will have to choose specific wallets for specific coins. Some wallets support several coins (of the same standard), but it’s unlikely to be possible to combine bitcoin and a bunch of other altcoins in one wallet (unless it’s a hardware wallet).

For example, electrum supports BTC, LTC, XVG (if I am not mistaken) and some others, but you will have to install a specific electrum app for each coin. It will not be possible to store different coins in one app. Like electrum-btc, electrum-ltc and so on.

For your information. MyEtherWallet - allows to store coins of standard ERC-20.

The most reliable wallet will be the one whose security you have learned to ensure, because most often hacking occurs through social engineering, which means that the weakest link in security is the user himself.

Outhue

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OP, why not use separate wallet for Bitcoin and altcoins?

Use Electrum to store your Bitcoin and use Trust wallet to store your Altcoin, but mind you, some sources are saying that Trust wallet isn't a complete open source crypto wallet, but it's very safe for most people.

Still, Trust wallet is a online wallet, since you need the internet to send your coins out, so most times your Trust wallet will always be online since you will be running it on your smartphone.

Do you know that you can get the best hardware wallet under $150? If you can afford to invest this much money on Bitcoin and altcoin you should really consider purchasing a hardware wallet that's complete open source and also Air gapped.

adultcrypto

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Quote from: Yorubek on January 08, 2024, 09:22:25 AM

As a newbie which wallet i can use and will that wallet support bitcoin and other altcoins? I know some wallet names like Coinbase Wallet, Trust Wallet, MyEtherWallet but as a newbie which wallet can I use to keep my assets safe. I have heard a lot of people using trust wallets. How trust wallet is reliable for holding bitcoins and other altcoins? How likely is it to be hacked?

Trust wallet is popular but not the best for me because of a lot of issues I have experienced myself. Two of the key issues I noticed is that it does not support RBF (a feature that enable you increase the transaction fee when you need to) and does not allow you cancel the transaction, a feature that is possible with Electrum wallet. So just like many people have suggested, use Electrum wallet that is easier to use and have amazing features to suit your needs.

Furthermore, it will be better to keep your Bitcoin in a separate wallet from your altcoins, this way you will be keeping your assets safer from hacks and also minimizing the damages in case there is any. Metamask is not a bad choice for ERC-20 tokens and other wallets suggested by others such as Tezos wallet is not also bad.

If you want to store your coins in way that you may not need to access them regularly, then go for hardware wallets that offer better security.

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Quote from: Yorubek on January 08, 2024, 09:22:25 AM

As a newbie which wallet i can use and will that wallet support bitcoin and other altcoins? I know some wallet names like Coinbase Wallet, Trust Wallet, MyEtherWallet but as a newbie which wallet can I use to keep my assets safe. I have heard a lot of people using trust wallets. How trust wallet is reliable for holding bitcoins and other altcoins? How likely is it to be hacked?

If it's just to store your assets temporarily, Trust Wallet is also quite safe. As long as you can secure your Seed Phrase wallet correctly and safely. But if it is for a personal wallet to store your assets for the long term then I would be better not to store in a Hot Wallet which is actually quite vulnerable. If it is a Bitcoin asset then Electrum could also be your choice or Bluewallet. But for Altcoins, maybe Safepal and Trust Wallet would also be my choice. Because so far I still feel safe using Trust Wallet for the altcoins I own.

Also be careful with the Dusting Attack which is already known to many crypto users. But it may still be unfamiliar to beginners.

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Quote from: Yorubek on January 08, 2024, 09:22:25 AM

As a newbie which wallet i can use and will that wallet support bitcoin and other altcoins? I know some wallet names like Coinbase Wallet, Trust Wallet, MyEtherWallet but as a newbie which wallet can I use to keep my assets safe. I have heard a lot of people using trust wallets. How trust wallet is reliable for holding bitcoins and other altcoins? How likely is it to be hacked?

If you are using trust wallet then this is also a very secure wallet. Every wallet is very secure. And you need to take precautions to keep your wallet safe. If you use your wallet carelessly then any of your wallets will not be considered secure. I myself have used trust wallet I am using with caution I have not been scammed so far. The victims of fraud are those who are not careful.

apogio

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Quote from: kealiiokalani on January 09, 2024, 04:14:59 PM

Enkrypt is OPENSOURCE

I wanted to see this wallet's code, just because I never heard of it since I don't use ethereum tokens.

There are 2 issues:

1. I went to the releases page on their github. Can you guide me to any details on how to verify the download of the files? They don't provide any SHA256 checksum for the packages. There is of course a chance that I haven't seen it anywhere.
2. To be honest, I highly doubt that people will ever try to download the package from their github page but instead they will go to the website. But again, even there, there is no GPG signature to verify the download.

For me these 2 issues are a red flag, no matter how many years the wallet exists, nor how many stars and forks it has on github.

kealiiokalani

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Enkrypt wallet is my favorite by far

its created by MyEtherWallet who created the FIRST ethereum wallet back in 2015, just weeks after Ethereum went live

Enkrypt is OPENSOURCE, SELF-CUSTODIAL, and CLIENT SIDE. not only is it super secure and transparent but it also supports over 50 blockchains including Bitcoin, Ethereum, Polkadot, Arbitrum, Optimism, zkSync, Base, and so much more. highly recommend

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Quote from: Kelward on January 09, 2024, 03:13:21 AM

It's most advisable to use separate wallets for Bitcoin and altcoins, so the user can perform uptimaly, Bitcoin is unique and requires a separate wallet, so there won't be interferences with other coins in the same wallet. Your two wallet recommendations for Bitcoin are good, I use blue wallet and it's very convenient for my Bitcoin, I know that electrum, is also a good choice too. No special preference for altcoins, let him consider options from members opinions.

Electrum and Blue Wallet are recommended mobile wallets, but Electrum is also available for Desktop.
I used Electrum from the very beginning of my foray into the crypto world and stored Bitcoin safely, depending on how the user secured the device installed Electrum and secured the Seed Phrase well.

A better way for the long term with guaranteed security is to use a Hardware Wallet that is widely available on the market.
That's the main recommendation for long-term storage without a third party. .

And for Altcoins I use Safepal and TrustWallet, it is enough for me because it supports many chains that can hold many altcoins.

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Quote from: Z-tight on January 08, 2024, 03:45:41 PM

Quote from: sunsilk on January 08, 2024, 03:03:14 PM

Trust wallet? I have never used that but it's owned by Binance nowadays, right? As a start, go for it with caution but don't keep a lot on it.

Yes it is owned by Binance and it is not recommended, Trust Wallet is closed source and we cannot be sure how the keys of their customers' were generated. If a wallet is closed source, it is enough reason not to use it.

Even if we tell the newbies not to use, you'll still see many of them that will use it regardless of the reasons we tell them and that's why if they want to use it, use it with caution and don't keep too much on it.

They have a lot to learn but if they want it the harder way, they'll experience some things that we've experienced before and learned from it. I just hope that many of them will obey the tips that were given to them.

Quote from: Out of mind on January 09, 2024, 03:30:27 AM

Moreover, if you only use hardware or software for Bitcoin, then Electrum and Mycelium wallets will provide you with maximum security.

We actually need to use hardware(device) and software for wallets and access them.

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Quote from: Yorubek on January 08, 2024, 09:22:25 AM

As a newbie which wallet i can use and will that wallet support bitcoin and other altcoins? I know some wallet names like Coinbase Wallet, Trust Wallet, MyEtherWallet but as a newbie which wallet can I use to keep my assets safe. I have heard a lot of people using trust wallets. How trust wallet is reliable for holding bitcoins and other altcoins? How likely is it to be hacked?

Secure wallets for bitcoin and altcoin Trust wallet, Safepal wallet, Coinbase wallet, if you use these multichain wallets then all coins will be supported here. But it is very natural that your wallets are more likely to be hacked when you don't store the keys well and keep them in a safe place. When you store your keys in a safe place, your wallet is less likely to be hacked, so you should keep the keys safe. Moreover, if you only use hardware or software for Bitcoin, then Electrum and Mycelium wallets will provide you with maximum security.

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